VW, Daimler CEOs take pay cuts in 2013, GM's Akerson stays the course

Amidst slow auto sales in Europe, top executives at both Volkswagen and Daimler AG will be receiving pay cuts in 2013, which comes at the same time as conflicting reports of a possible pay increase for General Motors CEO Dan Akerson (right). According to Automotive News Europe, VW CEO Martin Winterkorn (center) and Daimler CEO Dieter Zetsche (left) are set to make less this year, but while a number of reports (including Automotive News) suggested that GM has requested a pay increase for Akerson, a statement from GM provided to USA Today makes it clear a raise is not forthcoming.

Winterkorn will take a of hit of three million euros (close to $4 million) but will still finish the year making almost $20 million. ANE says that Winterkorn suggested his own pay cut earlier this month, and other board members will also see a lower salary this year. Just a couple days after a three-year contract extension was announced for Zetsche, it's being reported that his pay will drop by a half million euros leaving him with an annual income totaling 8.15 million euros (or around $10.6 million); Daimler will also be reducing the bonuses paid out to its eight board members.

As for Akerson's situation, this is where things get dicey. Yesterday, AN reported that GM would be raising its CEO's salary from $9 million up to $11.1 million, but GM was quick to deny that information, saying that the $11.1 million figure is actually the entire tally of Akerson's compensation package for 2012. Akerson's pay for 2013 will remain at $9 million (minus, we presume, any other forms of compensation), well below that of his Big Three rival CEOs, Alan Mulally and Sergio Marchionne, who both make more than double what Akerson makes.

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Exec salaries are too high. The notion that corporations cannot recruit management talent without these bloated compensation packages is nonsense. Would Akerson resign if his salary was halved? Hmmmm ... Maybe we should take that chance; GM might be better for it.

I hereby apply for the job of GM CEO and will do the job for $4.5 million a year, and won't whine about not making more. I also promise that I'll turn the company around within 3 years or resign. That is, if the government and unions let me do my job.

You'd probably do a better job.
I think it is common knowledge that you can't release a product that isn't finished. You also then can't act surprised when your product fails miserably in the marketplace, and multiple publications call out your half-baked attempt.

But...but....but... the Malibu was benchmarked against the previous gen Malibu, and not against its competitors, what could POSSIBLY go wrong?? They even got Izaac Mizrahi to pimp the car out as a fashion accessory for the successful woman, that is 110% foolproof, come on!

I hereby apply for the job of president of the United States of America and will do the job for FREE, and won't whine about not making more. I also promise that I'll turn the country around within 3 years or resign. That is, if the Republican traitors let me do my job.
see, I can make big claims just like you.

Akerson has demonstrated that he is an incompetent with the Malibu redesign fiasco he fathered, and the channel stuffing he has approved.
Far from getting a raise, Akerson needs to be shown the door.
GM needs to start correcting Akerson\'s mistakes while there is still time.

I'm not exactly an Akerson fan, but I don't think it's fair to pin the Malibu failure on him. The teasers for the new Malibu were released in March of 2011, just 5 months after he took the helm. With a new product taking about 4-5 years to reach the market, I'd say that project was well under way before he became CEO. In fact I know it was, because I've heard from GM employees that one of the problems they had with the Malibu is that all development on it stopped during bankruptcy... which as you may remember, was 2 CEOs before Akerson

When is enough enough.
This is why capitalism is destroying the first world.
The top guys should make no more than 100 times the lowest salary. No stock options, no bonuses period unless equal offers are made to the rest of the employees. The saving in upper level salaries should be spread evenly across the rest of the staff and put towards there benefits.
The rich don't trickle money down, the middle classes are the ones that spend real money.
If they cant live nicely on 3 to 4 million thats not our problem.

Don't forget the perks. And they annoy me. Their salaries are not enough, they have free car(s), access to a private plane, free housing, free hookers (you'd be surprised how many charged them to the companies), free meals and all. And that annoyes me because they make an incredible amount of money and they don,t need to spend a dime to live day to day. And when they get fired they leave with a golden parachute.

\" Akerson\'s pay for 2013 will remain at $9 million (minus, we presume, any other forms of compensation), well below that of his Big Three rival CEOs, Alan Mulally and Sergio Marchionne, who both make more than double what Akerson makes.\"
Poor baby is just STARVING.